Posted by Grace under Business on January 3, 2015

Is it better to work abroad or start a business nowadays?. A discussion of OFWs when they want to own a business and stop working overseas.

Should I work abroad or I will just use the money to start a business. A friend of mine has P750,000 a placement to go to Paris, France. He apply for a tourist but he is planning to work there. A friend of mine asked me if he will just set up a business or go to Paris. Before let me continue this, please share your experiences or thoughts about working abroad.

I am not an OFW and never dream to be one. That’s why my opinion to this questions is somewhat not “valid”. I asked my husband the same question, he answered “invest P250,000 in stocks, P100,000 for emergency funds and the rest should be a business capital”. The argument started, I answered. But, that’s a Paris. Look at our neighbor’s house and cars, they are working in Paris. He replied, “what kind of work? A housekeeper, a maid, a gardener? Yes, that would be fine. But your friend should ask “what kind of lifestyle he really want?””.

He added, example an OFW will work in Paris that earns P250,000 per month. Is it possible to earn that amount of money even you’re working here in the Philippines? I don’t know – I replied. He do the math for me.

 Work Abroad or Not? Photo Credit: Luke Ma

Assuming you have a product that makes you a profit of P10 per sale. How many products should you sell to get that P250,000 per month? I answered “2,500 pieces”. That’s wrong, for 25,000 products you can earn P250,000 per month. Let’s do the Math again. 25,000 divide by 30 days is equal to833 per day. Now, can you sell 833 products per day that can give you a profit of P10? I answered, I am not sure.

I want to have a million per year. Even if your not working in Paris, you can make P1,000,000. How? Make P2,740 per day within 365 days. Now, if you can’t make P2,740 per day in your own country (Philippines). I think you have to attend entrepreneurship seminars or have a right mindset about making money.

You can work in Paris if you want. If that’s the best way to earn your first million. But you have to think about this, if you will invest P750,000 in stocks that earns 15% annually, your P750,000 will turn into P3,000,000 in 10 years. If you will invest the same amount in business, you will earn more than that.

Working in Paris using “tourist visa” is also risky just like investing in stocks and setting up your own business. Other reminders, decide whether you want to be your own boss, have quality time for your family or visit Paris for pleasure. If you are an OFW, kindly share your opinion about this topic. Thank you very much.